Zura Bio Announces Q2 2024 Financial Results and Business Highlights

Zura Bio Limited, a clinical-stage immunology company focused on developing innovative dual-pathway antibodies for autoimmune and inflammatory diseases, recently announced its financial results for the second quarter of 2024 and highlighted significant business developments.

CEO Robert Lisicki emphasized the company's strides in their key development programs, particularly in selecting a CRO for the Phase 2 clinical program in systemic sclerosis (SSc) and advancing study start-up activities for SSc and hidradenitis suppurativa (HS). The presentation of tibulizumab data at the EULAR conference underscored the dual-inhibition approach, showcasing tibulizumab's broad potential as it advances into Phase 2 studies for SSc this year and for HS by the first half of 2025. Additionally, Zura Bio has formed a Scientific Advisory Board with experts in rheumatology, dermatology, and immunology to further its mission of expanding treatment options for autoimmune disease patients.

Among the recent business highlights, Zura Bio completed a warrant exchange program to streamline its capital structure in August 2024. In June 2024, the company presented tibulizumab data at the EULAR conference, demonstrating the clinical relevance of simultaneously inhibiting IL-17A and BAFF in autoimmune and inflammatory diseases. The Phase 1 study of tibulizumab in Sjogren’s syndrome showed increased serum levels of IL-17A and BAFF, indicating effective target engagement. Additionally, a preclinical study in a rheumatoid arthritis model showed reduced inflammation with dual inhibition compared to the control group.

Business growth was emphasized with the appointment of Robert Lisicki as CEO in April 2024, and the establishment of a Scientific Advisory Board in June 2024. The advisory board includes Dr. Johann Gudjonsson, Dr. Dinesh Khanna, Dr. Ajay Nirula, Dr. Michael Weinblatt, and Dr. Steven Ziegler. Zura Bio also raised approximately $112.5 million in gross proceeds from a private placement in April 2024 to support the acceleration of tibulizumab's development and extend the company’s cash runway through 2027.

In financial terms, Zura Bio reported having $188.4 million in cash and cash equivalents as of June 30, 2024, up from $99.8 million at the end of December 2023. This increase in liquidity is expected to sustain the company’s operations through 2027. Research and development expenses for the second quarter of 2024 were $5.5 million, a decrease from $28.2 million in the same period in 2023, primarily due to a significant expense related to the acquisition of tibulizumab from Eli Lilly in 2023.

General and administrative expenses rose to $6.2 million in the second quarter of 2024, a slight increase from $5.7 million in the previous year. This increase was mainly attributed to higher personnel compensation and professional fees. The net loss for the second quarter of 2024 was $12.7 million, or $0.17 per share, compared to a net loss of $44.9 million, or $1.31 per share, for the same period in 2023.

Looking ahead, Zura Bio anticipates the entry of tibulizumab into Phase 2 clinical development for SSc in the fourth quarter of 2024, with a Phase 2 study for HS expected to begin in the second quarter of 2025. The company has also secured a startup agreement with a third-party CRO to manage and conduct the Phase 2 clinical program for SSc.

Zura Bio is also advancing its other pipeline assets, including crebankitug (ZB-168) and torudokimab (ZB-880). Crebankitug aims to neutralize the IL-7 receptor alpha chain, potentially affecting immune pathways relevant to conditions like ulcerative colitis, atopic dermatitis, and alopecia areata. The company plans to use external data readouts to guide the initial indication selection for crebankitug by the end of 2024. Meanwhile, torudokimab targets IL-33 and is being monitored for its efficacy in treating asthma and chronic obstructive pulmonary disease.

As a clinical-stage company, Zura Bio remains dedicated to developing novel therapeutic solutions for autoimmune and inflammatory diseases, with ongoing efforts to demonstrate the efficacy, safety, and dosing convenience of its leading candidates.

How to obtain the latest research advancements in the field of biopharmaceuticals?

In the Synapse database, you can keep abreast of the latest research and development advances in drugs, targets, indications, organizations, etc., anywhere and anytime, on a daily or weekly basis. Click on the image below to embark on a brand new journey of drug discovery!